Next Generation Sequencers (NGS) Market to Exceed US$ 2.4 Billion by 2031: Transparency Market Research, Inc. Study

Posted on 2024-03-15 by Transparency Market Research in Healthcare // 0 Comments

Wilmington, Delaware, United States, 2024-Mar-15 — /EPR Network/ — Transparency Market Research Inc. –

In 2022, the industry commanded a valuation of US$ 1.2 billion. Projections indicate a robust growth trajectory, with a Compound Annual Growth Rate (CAGR) of 8.3% anticipated from 2023 to 2031. By the culmination of 2031, it is forecasted to surpass US$ 2.4 billion.

The global next generation sequencers (NGS) market is being propelled by advancements in sequencing technologies. NGS technologies have become pivotal in unraveling the intricacies of genomics, facilitating swift and cost-efficient sequencing of DNA and RNA. The escalating demand for personalized medicine and precision diagnostics is driving the expansion of the market. Moreover, the upsurge in funding and awareness surrounding advanced genomic technologies is poised to fortify the size of the global next generation sequencers (NGS) industry throughout the forecast period.

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Global Next Generation Sequencers (NGS) Market Overview

Next Generation Sequencers (NGS) revolutionize DNA sequencing, employing parallelized methods for swift and cost-efficient analysis of genetic material. These platforms, utilizing sequencing-by-synthesis, ion semiconductor sequencing, and single-molecule real-time sequencing, enhance throughput for comprehensive genome analyses.

NGS’s versatility spans basic research, clinical diagnostics, personalized medicine, and agricultural genomics. Evolving platforms continuously improve accuracy, read length, and cost-effectiveness, establishing NGS as a vital tool for unraveling genetic complexities.

In the biotechnology industry, NGS emerges as a dynamic sector, witnessing substantial growth across research, clinical, and industrial applications. Its high-throughput capabilities benefit genomics research, personalized medicine, clinical diagnostics, and agricultural genomics.

Key Players:

Illumina, Inc., Thermo Fisher Scientific, Inc., Pacific Biosciences, Complete Genomics Incorporated, Vela Diagnostics, Oxford Nanopore Technologies plc, Singular Genomics Systems, Inc., HTG Molecular Diagnostics, Inc., and Revvity

Segmentation:

Product
- Benchtop Sequencers
- Floor Standing Sequencers
Technology
- WGS
- Whole Exome Sequencing
- Targeted Sequencing & Resequencing
Application
- Oncology
- Infectious Diseases
- Reproductive Health
- Metagenomics, Epidemiology, and Drug Development
- Consumer Genomics
End-user
- Academic Research
- Clinical Research
- Hospitals & Clinics
- Pharma & Biotech Entities
- Others

Advancements in Sequencing Technologies Fueling Market Progress

Advancements in sequencing technologies are fueling demand for next generation sequencers (NGS), driving unprecedented improvements in efficiency, accuracy, and cost-effectiveness. Breakthroughs in massively parallel sequencing techniques have accelerated the process, generating large-scale genomic datasets rapidly. Enhanced base-calling algorithms and error correction methodologies ensure greater sequencing precision, vital for clinical diagnostics and personalized medicine.

Single-molecule sequencing technologies like nanopore sequencing offer direct DNA reading without amplification, reducing bias and enabling detection of epigenetic modifications. Miniaturization and automation, including microfluidic devices, have boosted throughput and affordability, expanding NGS adoption across diverse research domains. These advancements collectively revolutionize genomic research and widen applications from diagnostics to agriculture. With continuous innovation, the NGS market is set for sustained growth and transformative impact on scientific endeavors.

Key Developments:

In October 2023, Revvity, Inc. and Element Biosciences, Inc., a developer of the AVITI System, an innovative and emerging genomic sequencing platform, announced a collaboration to introduce workflow solutions that save time and effort required for genomic analysis of samples. This collaboration helps to elevate the overall customer experience by providing compelling application-specific data, stronger support and easier access to the critical components necessary for a lab to go from sample to result.
In April 2022, Thermo Fisher Scientific launched the CE-IVD marked Ion Torrent Genexus Dx Integrated Sequencer, an automated, next-generation sequencing (NGS) platform that delivers results in one day. The platform is designed for clinical laboratories and enables users to perform diagnostic testing and clinical research on a single instrument.

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Regions Covered:

North America(USA, Canada and Mexico)
Europe(UK, Germany, France and the Rest of Europe)
Asia Pacific(China, Japan, India, and the Rest of the Asia Pacific region)
South America(Brazil, Argentina and the Rest of South America)
Middle East and Africa(GCC and Rest of the Middle East and Africa)

Key Market Study Points:

Assessing market dynamics, including drivers, challenges, and trends
Analyzing market segmentation for targeted insights
Evaluating regional market dynamics and growth opportunities
Understanding competitive landscape and recent developments
Identifying key market players and strategic collaborations

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About Transparency Market Research

Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision makers. Our experienced team of Analysts, Researchers, and Consultants use proprietary data sources and various tools & techniques to gather and analyses information.

Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.

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